The size of the Antifungal Drugs Market in Europe was valued at USD 3.52 billion in 2022. It is projected to grow with a CAGR of 3.4% and worth USD 4.16 billion by 2027. The market is poised to grow hugely with the rising population globally in the following few years.
Antifungal drugs commonly cure fungal infections due to unclean, unhygienic, and damp environments. The invasion of epithelial tissue by microscopic organisms leads to fungal infections. Systemic fungal infections are caused due to indigestion or inhalation of spores, leading to fungal pneumonia, and diseases like candidiasis, meningitis, mucormycosis, etc., are caused by opportunistic fungus. Although most fungal infections and diseases are commonly non-lethal, they are very uncomfortable to the host, and their common occurrence is responsible for the rising antifungal drugs market. Antifungal drugs work via various mechanisms by inhibiting cell wall formation, cell membrane disruption, and cell division.
Fungal infections are regarded as a significant public health issue in Europe. The market growth is expected to be driven by the increasing prevalence of chronic diseases such as Dermatophytosis and Aspergillosis. Also, Changes in environmental conditions and an increase in the spread of various infectious diseases from person to person are driving factors in the market. In addition, the market growth is driven by an increasing population with a weakened immune system, in which fungal infections are substantially more common than typical. On the other hand, the increased investment in research and development institutes is expected to support the growth of the European antifungal drugs market. The key market participants are investing in R&D activities due to the high prevalence of fungal diseases and the problems associated with their treatment. As a result, new antifungal medications are being developed to improve outcomes, positively impacting the market growth.
Furthermore, the adoption of advanced technologies in producing various pharmaceuticals and providing effective treatment processes for various infectious diseases are expected to provide lucrative growth opportunities to the market. In addition, government and other private organizations are significantly investing in delivering public health advocacy for patients with fungal infections, which is expected to drive the European antifungal drugs market during the forecast period.
However, Long-term usage of these treatments has increased adverse effects, which has posed a challenge to market expansion. Variations in the rate of medicine production are also slowing the market demand for antifungal drugs. The market's growth rate is further hampered by a scarcity of competent workers in the medication manufacturing industry.
The government's strict norms and procedures for approving new pharmaceuticals further limit market demand. In addition, the rising occurrences of cancer, an increase in hematopoietic stem cell transplantation, and other causes that weaken the immune system are fueling the growth of the European antifungal drugs market. However, budget and cost regulations are the primary restraint factors in the government to cure these fungal infections.
This research report on the European antifungal drugs market has been segmented and sub-segmented into the following categories:
By Drug Type:
By Therapeutic Indications:
Geographically, the European antifungal drugs market held a significant share in the global market in 2020, and it is predicted to hike at a promising CAGR during the forecast period. The regional market growth is attributed to the rapid adoption of the latest technologies in the healthcare sector, increasing healthcare spending, the favorable reimbursement policies. According to the Consumer Healthcare Products Association, more than 81% of adults use OTC medicines as their first response to minor ailments. Therefore, the countries in the region such as Germany, the UK, Italy, France, and Spain are expanding the growth of the European antifungal drugs market.
The German antifungal drugs market accounted for the largest share of the European market in 2020, and it is likely to continue its growth during the forecast period. Germany witnessed an advanced healthcare sector which is enabling the way for the new market entrants. The other factors, such as increasing awareness among the people regarding the fungal infection and increasing the immune-compromised aged population, are driving the market growth. In addition, the increased usage of OTC drugs has further contributed to the rise in antifungal drug revenue over the years.
On the other hand, the UK antifungal drugs market is anticipated to witness a significant share in the European market during the forecast period. The introduction of various types of drugs with high quality and low cost prompted the market growth rate. Furthermore, increasing investment in research and development institutes is ascribed to bolster the growth of the European antifungal drugs market.
KEY MARKET PLAYERS:
Companies that play a pivotal role in the European antifungal drugs market profiled in this report are Alternaria, Pfizer, Novartis, Sanofi-Aventis, Merck & Co., Asperqillus, and Kramer, Bayer Healthcare, Enzon Pharmaceuticals, Glaxosmithkline Gilead, and Abbott Laboratories.
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